Arbeitspapier
Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability
In this paper we analyze equilibrium determinacy in a sticky price model in which the pass-through from policy rates to retail interest rates is sluggish and potentially incomplete. In addition, we empirically characterize and compare the interest rate pass-through process in the euro area and the U.S. We find that if the pass-through is incomplete in the long run, the standard Taylor principle is insufficient to guarantee equilibrium determinacy. Our empirical analysis indicates that this result might be particularly relevant for bank-based financial systems as for instance that in the euro area.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 118
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Monetary Policy
Central Banks and Their Policies
- Thema
-
Interest Rate Pass-Through
Interest Rate Rules
Equilibrium Determinacy
Stability
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kwapil, Claudia
Scharler, Johann
- Ereignis
-
Veröffentlichung
- (wer)
-
Oesterreichische Nationalbank (OeNB)
- (wo)
-
Vienna
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kwapil, Claudia
- Scharler, Johann
- Oesterreichische Nationalbank (OeNB)
Entstanden
- 2007
Ähnliche Objekte (12)
Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?
Noisy Information, Interest Rate Shocks and the Great Moderation
Noisy Information, Interest Rate Shocks and the Great Moderation
How do Macroeconomic Shocks affect Expectations? Lessons from Survey Data
How do people interpret macroeconomic shocks? Evidence from U.S. survey data
Labor market institutions and macroeconomic volatility in a panel of OECD countries
Money market uncertainty and retail interest rate fluctuations: A cross-country comparison
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
Understanding the Stock Market's Response to Monetary Policy Shocks
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
The Liquidity Effect in Bank-Based and Market-Based Financial Systems
How do consumers interpret the macroeconomic effects of oil price fluctuations? Evidence from U.S. survey data
Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?
Noisy Information, Interest Rate Shocks and the Great Moderation
Noisy Information, Interest Rate Shocks and the Great Moderation
How do Macroeconomic Shocks affect Expectations? Lessons from Survey Data
How do people interpret macroeconomic shocks? Evidence from U.S. survey data
Labor market institutions and macroeconomic volatility in a panel of OECD countries
Money market uncertainty and retail interest rate fluctuations: A cross-country comparison
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
Understanding the Stock Market's Response to Monetary Policy Shocks
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
The Liquidity Effect in Bank-Based and Market-Based Financial Systems
How do consumers interpret the macroeconomic effects of oil price fluctuations? Evidence from U.S. survey data
Do Bank-Based Financial Systems Reduce Macroeconomic Volatility by Smoothing Interest Rates?
Noisy Information, Interest Rate Shocks and the Great Moderation
Noisy Information, Interest Rate Shocks and the Great Moderation
How do Macroeconomic Shocks affect Expectations? Lessons from Survey Data
How do people interpret macroeconomic shocks? Evidence from U.S. survey data
Labor market institutions and macroeconomic volatility in a panel of OECD countries
Money market uncertainty and retail interest rate fluctuations: A cross-country comparison
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
Understanding the Stock Market's Response to Monetary Policy Shocks
Borrowing constraints and international risk sharing: evidence from asymmetric error-correction
The Liquidity Effect in Bank-Based and Market-Based Financial Systems